It’s inevitable. Your business revolves around a service or product, but as the cost of doing business increases, you will be forced to raise your prices. When you do, you’re bound to get a few customers who complain about the new prices, even if your competitor on the other side of the Yarra River is doing the same.
Any good Melbourne Business Coach knows that, aside from managing teamwork and time management, questions about pricing are among the most frequent. If you want to make sure that your cash flow isn’t interrupted by your pricing increases, heed these five ways to crush pricing objections.
Focus on selling value.
No matter what you’re selling, it must have some value because your customers want it enough to bother complaining about the price instead of just moving on and finding what they need elsewhere. By reminding them of the value that you’re giving them, whether it’s in the form of quality, additional items, or guarantees, you can reassure them that they’re still getting a great value.
Remind them of the problem that your product solves.
Customers are looking for solutions. By reminding them of the problem, you’re reminding them of how much they really need your product. Your business coach could probably tell you that their complaining tells you that they really need it more than they are aware of. Keep your cash flow by reminding them that your product solves problems, whether they’re related to teamwork, time management, or whatever it is.
Reassure them of your confidence in your product.
Companies with bad products can afford to sell cheap because most customers won’t bother to complain about a really cheap product that doesn’t work; it’s not worth the hassle. Your business coach should remind you that you can be confident that your product shows the excellence of the teamwork and time management behind that product.
Don’t just talk about price.
If money is all you talk about, money is all you’ll focus on. Any good Business Coach or Consultant in Melbourne could tell you that your customer’s real problem isn’t the price. Everyone should be willing to pay a reasonable price for a good product. Your cash flow will benefit from this tip.
If you’re going to agree to lower the price, make sure you get something in return. Remember, it’s the teamwork and time management you’ll have to sacrifice to sell at a lower price. Don’t cripple your cash flow in this way.